MUKAH: A 56-year-old government retiree lost over RM914,000 after being lured into a bogus online investment scheme that promised lucrative returns through an artificial intelligence (AI)-powered trading system.
Mukah OCPD Deputy Supt Muhamad Rizal Alias said police received a report from the victim on Tuesday (June 30).
He said the victim came across an investment advertisement on Facebook under the name of a financial advisory and planning firm on Dec 22 last year, and contacted an individual identified as Kamil.
The victim was then added to a WhatsApp group managed by several individuals claiming to represent the company and persuaded to make an initial investment of RM300.
"The suspects claimed the investment relied on an AI-powered automated trading system capable of generating exceptionally high returns within a short period, convincing the victim to continue investing," he said in a statement on Wednesday (July 1).
The suspects then allegedly showed the victim a trading account reflecting profits that purportedly grew to RM87,124 and demanded additional payments including redemption fees, bank security charges and transaction limit upgrade fees for him to obtain the returns.
DSP Rizal said the victim eventually made 88 transactions totalling RM914,209 to 32 different bank accounts involving six banking institutions until March 6.
He said the victim only realised he had been duped after repeated attempts to withdraw both his capital and the promised profits proved unsuccessful.
The case is being investigated under Section 420 of the Penal Code for cheating. – Bernama
